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On Tuesday 28 January 2020, DG ECFIN organised its annual workshop on fiscal policy, dedicated this year to "Fiscal rules in Europe: Design and Enforcement". The workshop was a one-day event with high-profile speakers and discussants from academia and international institutions.

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Summary

The workshop was structured in two parts. The first session concentrated on the design of fiscal rules. The second session focused on how to apply and enforce fiscal rules. The sessions were followed by a high-level policy panel.

Keynote speech

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Session I – Fiscal rules: How to design them

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Session II - Fiscal rules: How to enforce them?

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Agenda

  • 28 January: 08.15 - 08.45 (Europe/Brussels)

    Registration and welcome coffee

  • 28 January: 08.45 - 09.00

    Introduction: Paolo Gentiloni (European Commission)

  • 28 January: 09.00 - 10.00

    KEYNOTE SPEECH: FUTURE OF FISCAL RULES IN THE EURO AREA – Vítor Gaspar (IMF)

  • 28 January: 10.00 - 10.15

    Coffee break

  • 28 January: 10.15 - 12.15

    SESSION I – FISCAL RULES: HOW TO DESIGN THEM? – Chair: Lucio Pench (European Commission)

  • 28 January: 10.15 - 10.55

    Effects of Austerity: Expenditure- and Tax-based Approaches – Francesco Giavazzi (Bocconi University), Alberto Alesina (Harvard University), Carlo Favero (Bocconi University)

    Discussant: Adi Brender (Bank of Israel)

  • 28 January: 10.55 - 11.35

    The Stability and Growth Pact’s Debt Benchmark Rule Revisited – Sebastian Hauptmeier (ECB), Christophe Kamps (ECB)

    Discussant: Martin Larch (European Fiscal Board)

  • 28 January: 11.35 - 12.15

    European Fiscal Rules Require a Major Overhaul – Philippe Martin (Sciences Po Paris), Xavier Ragot (Sciences Po Paris), Zsolt Darvas (Bruegel)

    Discussant: Ludger Schuknecht (OECD)

  • 28 January: 12.15 - 13.45

    Lunch break

  • 28 January: 13.45 - 14.25

    SESSION II – FISCAL RULES: HOW TO ENFORCE THEM? – Chair: Elena Flores (European Commission)

  • 28 January: 13.45 - 14.15

    Fiscal Rules and Discretion : Insights from Theory  - Pierre Yared (Columbia University), Marina Halac (Yale University)

    Discussant: Eckhard Janeba (University of Mannheim)

  • 28 January: 14.25 - 15.05

    Under Threat: Rules-Based Fiscal Policy and How to Preserve It – Xavier Debrun (National Bank of Belgium), Lars Jonung (Lund University)

    Discussant: Marketta Henriksson (Ministry of Finance, Finland)

  • 28 January: 15.05 - 15.35

    Impulse - Fiscal Rules and Financial Markets: Complements or Substitutes? - Silvia Ardagna (Goldman Sachs)

  • 28 January: 15.35 - 16.00

    Coffee break

  • 28 January: 16.00 - 17.30

    HIGH-LEVEL POLICY PANEL: THE FUTURE EVOLUTION OF THE EU FISCAL FRAMEWORK

    Moderator: Maarten Verwey (European Commission)

    Panellists: Vítor Gaspar (IMF), Philip Lane (ECB), Ludger Schuknecht (OECD), Niels Thygesen (European Fiscal Board)

  • 28 January: 17.30 - 17.45

    CONCLUSION

Practical information

When
28 January 2020, 8.15 - 17.45 (CET)
Where
Charlemagne building, Room: JENKINS, Rue de la Loi 170
1000 Brussels
Belgium